Ryanair was the most notable performer on the Irish stock market yesterday, gaining nearly 11 per cent in the wake of its recent share placing. The stock closed at €9.20, up 90 cents, providing one of the few features in an otherwise lacklustre market.

Overall, Irish shares closed 0.6 per cent higher but dealers said most of the leading stocks were broadly unchanged in the absence of much direction from overseas. There was also some disappointment in the market that the recent spate of good results from a host of Irish firms had not translated into stronger share prices.

In the financial sector, AIB was up 10 cents at €8.60, Bank of Ireland was down one cent at €6.02 while Irish Life & Permanent shed four cents to €7.85.

Traders said Smurfit remained weak, closing one cent lower at €2.20. CRH managed a modest gain of six cents to €17.90 while Eircom closed unchanged at €4.75. Fyffes recovered some of the ground lost in recent days to close 25 cents higher at €3.45 while battered First Active shares also rose, ending 15 cents higher at €2.00.

New arrival Riverdeep remained in demand, closing 55 cents or six per cent higher at €9.75, having briefly hit a high of €12.00 during the day. "It's displaying typical volatility for a new stock and particularly for a stock in that sector," one trader noted.

On the Nasdaq, Baltimore was up more than three per cent and Trintech had gained more than 5.5 per cent by the time trading finished in Dublin.